Res 1355-2020

By Council Member Dromm Whereas, This Resolution, dated June 30, 2020, computes and certifies the base percentage, current percentage, and current base proportion of each class of real property for the fiscal year beginning on July 1, 2020 and ending on June 30, 2021 ("Fiscal 2021") to the State Board of Real Property Tax Services ("SBRPTS") pursuant to Section 1803-a of the Real Property Tax Law; and Whereas, On April 27, 2020 the SBRPTS certified the final State equalization rate, class ratios and class equalization rates for the City's Fiscal 2021 assessment rolls, required by Article 18 of the Real Property Tax Law; and Whereas, Section 1803-a(1) of the Real Property Tax Law, requires the Council to compute and certify, to the SBRPTS, for each tax levy, the base percentage, the current percentage and the current base proportion of each class of real property in the City subsequent to the date on which the SBRPTS files with the Clerk of the Council a certification setting forth the final state equalization rate, class ratios and class equalization rates for the City's Fiscal 2021 assessment rolls, pursuant to Section 1212 of the Real Property Tax Law; and Whereas, Section 1803-a(1)(c) of the Real Property Tax Law requires that if any increase in the current base proportion for any class of real property, as compared with the previous year's adjusted base proportion for such class of property shall exceed five percent, such excess over five percent must be shifted to any other class of property; and Whereas, Pursuant to Chapter 58 of the State Laws of 2020, the Council is authorized to adjust the class share cap by changing the percent increase of the current base proportion of any class over its adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion, provided that such percent increase shall be no more than five percent, and provided further that such determination must be made by October 1, 2020; and Whereas, On June 30, 2020, the Council adopts herewith a resolution that sets a limit of one-half of one percent of the current base proportion of any class over the adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion; NOW, THEREFORE, be it resolved by The Council of The City of New York as follows: Section 1. Computation and Certification of Base Percentages, Current Base Percentages and Current Base Proportions for Fiscal 2021. (a) The Council hereby computes and certifies the base percentage, the current percentage and the current base percentage for the City's Fiscal 2021 assessment rolls as shown on SBRPTS Form RP-6700, attached hereto as Exhibit A and incorporated herein by reference (the "CBP Certificate"). (b) The Clerk of the Council is hereby authorized and directed to execute the CBP Certificate and to file it with the SBRPTS after the date on which the SBRPTS filed with the Clerk of the Council a certification setting forth the final state equalization rate, class ratios and class equalization rates for the City's Fiscal 2021 assessment rolls, pursuant to Section 1212 of the Real Property Tax Law. Section 2. Effective Date. This resolution shall take effect as of the date hereof. AW/EE/SR/RC 6/30/2020